【导读】景林资产四季度减持英伟达，增持谷歌、拼多多 私募巨头景林资产海外主体景林资产管理香港有限公司（以下简称景林香港公司），近日向美国证券交 易委员会（SEC）提交了截至2025年四季度末的美股持仓数据。 根据13F文件，截至2025年12月31日，景林香港公司四季度末在美股市场合计持仓总市值为40.45亿美 元，较三季度末的44.41亿美元下降了8.92%。 从调仓动向来看，去年四季度景林香港公司新买进了1只证券，加仓了5只证券，同时清仓了3只证券， 减持了10只证券。其中，景林香港公司大幅削减了对英伟达的持仓，同时将谷歌母公司Alphabet提升至 第一大重仓股。 记者从渠道获悉，景林资产认为，AI对各行各业的渗透和改造才刚刚开始，未来的巨头现在可能还是 刚起步的AI原生公司。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $4.04b, Prior: $4.44b | | Inflows (Outflows) as % of Total | (-3.3728)% | | MV | | | New Purchases ...

Core Insights - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet Inc. to become the largest holding in the fourth quarter of 2025 [1][6]. Group 1: Portfolio Overview - Jinglin Asset's total market value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total market value [2][5]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,680 shares or 52.81% from the previous quarter [2][5]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,056 shares or 18.69% [2][5]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,306 shares or 18.21% [3][5]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [6][7]. - The fund also reduced its stake in Meta by approximately 229,056 shares, leading to its drop from the top position to second largest [6]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,680 shares and in Pinduoduo by approximately 611,306 shares, indicating a strategic shift in technology stock allocation [6][7]. Group 4: Other Notable Adjustments - The fund also reduced its positions in other semiconductor-related stocks such as TSMC and Spotify, while increasing its stake in Intel by approximately 694,363 shares [7][9]. - Notably, Jinglin continued to reduce its holdings in KE Holdings, having sold 1.88 million shares in the fourth quarter, following a significant reduction in the previous quarter [9].

Core Viewpoint - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet, making it the largest holding in the fourth quarter of 2025 [1][5]. Group 1: Portfolio Overview - Jinglin Asset's total portfolio value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2][1]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total portfolio [2][1]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,700 shares from the previous quarter [2][4]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,000 shares [3][4]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,300 shares [3][4]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [5][1]. - The fund also decreased its position in Meta by about 229,000 shares, leading to its drop from the top position to second [5][1]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,700 shares and also added to its positions in Intel and Futu Holdings [5][6].

Group 1 - US stock market indices experienced significant gains, with the Dow Jones rising 2.47% to surpass 50,000 points, marking a new closing high, and a weekly increase of 2.5% [1] - The Nasdaq Composite rose by 2.18%, with a weekly decline of 1.84%, while the S&P 500 increased by 1.97% with a weekly drop of 0.1% [1] - The Philadelphia Semiconductor Index surged by 5.7%, with Nvidia increasing nearly 8%, adding $325 billion in market value, and Broadcom rising over 7% [1] Group 2 - Cryptocurrency and precious metals saw notable gains, with Circle and Coinbase rising over 13%, and AMD and Coherent increasing over 8% [1] - The Nasdaq Golden Dragon China Index rose by 3.71%, with a weekly increase of 0.99%, highlighting strong performance among popular Chinese stocks [1] - Notable gains in Chinese stocks included XPeng up 4.9%, NIO up 7.4%, and Baidu up 5%, indicating positive sentiment in the Chinese market [1] Group 3 - The AI ETF (product code: 515070) tracked the CSI Artificial Intelligence Theme Index and saw a five-day decline of 8.45% with a P/E ratio of 60.69 [2] - The Gaming ETF (product code: 159869) tracked the CSI Animation and Gaming Index, experiencing a five-day decline of 3.77% with a P/E ratio of 39.87 [2] - The Robot ETF (product code: 562500) tracked the CSI Robot Index, while the A50 ETF (product code: 159601) tracked the MSCI China A50 Connect RMB Index [2]

减持新思科技、谷歌C、Spotify、联合健康、台积电、Sea、优步（Uber）、Weride Inc.，减持Meta Platforms 22.906万股，减持英伟达154万股，减持贝壳188万股。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 据景林资产13F披露文件，景林资产管理香港有限公司四季度增持谷歌母公司Alphabet（谷歌A）92.968 万股，增持英特尔69.436万股，增持拼多多61.131万股，并增持博通和富途控股。 在其投资组合中，重仓谷歌A、Meta、拼多多、网易、满帮，英伟达配置占比第七，阿里巴巴、英特尔 紧随其后。 ...

Market Overview - After three days of selling pressure, the US stock market experienced a significant rebound, with the S&P 500 index recording its largest single-day gain since May of the previous year, and the Dow Jones Industrial Average surpassing the 50,000 points mark for the first time in history [1] - The S&P 500 index rose by 1.97% to close at 6,932.3 points, the Nasdaq Composite increased by 2.18% to 23,031.21 points, and the Dow Jones Industrial Average climbed by 2.47% to 50,115.67 points [1] Key Stock Performances - Nvidia saw a single-day increase of over 7%, adding more than $320 billion to its market capitalization, while other cyclical/value stocks like Caterpillar, Goldman Sachs, and JPMorgan also attracted significant capital inflows [1] - Despite the overall market rally, Amazon's stock fell over 5% after announcing a capital expenditure of up to $200 billion for 2026, indicating skepticism about AI spending [4] - Major tech stocks showed mixed results, with Nvidia up 7.87%, Apple up 0.8%, Google-A down 2.53%, and Microsoft up 1.9% [6] Sector Movements - The precious metals sector, represented by silver, rebounded nearly 10%, while Bitcoin surged close to 12%, reflecting a risk-on sentiment in the market [3] - The semiconductor sector performed well, with AMD rising 8.28%, and companies supporting Amazon's chip production, such as Marvell Technology, increasing by 8.18% [6] Chinese Stocks Performance - Chinese stocks continued their strong performance, with the Nasdaq Golden Dragon China Index rising by 3.71%. Notable gains included Alibaba up 3.01%, JD.com up 2.75%, and NIO up 7.23% [7] Company-Specific News - Tesla is reportedly evaluating options to increase its solar production capacity, including expanding its Buffalo, New York plant to 10 gigawatts and potentially building additional factories in New York, Arizona, or Idaho [8] - The FDA announced plans to crack down on illegal GLP-1 drugs, impacting companies like Hims & Hers Health, which saw a post-market drop of over 13% [9] - Stellantis faced a significant decline of 23.69% after announcing a restructuring plan that would lead to a €22.2 billion loss due to a reduction in its electric vehicle business [10]

Market Overview - The U.S. stock market indices experienced a significant rebound, with all three major indices rising over 1% as of February 6, 22:50 Beijing time, indicating a recovery from previous sell-offs in AI stocks [1][2] - Major technology stocks saw substantial gains, with Nvidia up 5.6%, AMD up 7%, and Broadcom up 5.1%, driven by renewed interest in AI infrastructure following Amazon's announcement of a $200 billion capital expenditure plan [1][2] Precious Metals - The precious metals market also saw a strong recovery, with spot gold rising 3.39% to $4,939.35 per ounce and spot silver increasing 7.22% to $76.02 per ounce as of the same time [2][3] - Morgan Stanley's report suggests that the long-term bullish trend for gold remains intact, supported by a weak dollar environment, as long as the dollar index stays below 100 [3] Geopolitical Developments - Recent negotiations between Iran and the U.S. in Muscat, Oman, have concluded temporarily, with both sides agreeing to continue discussions, which may impact market sentiment and geopolitical stability [4][5] - The situation remains tense, with Iran expressing readiness to respond to any military actions, particularly in light of increased U.S. military presence in the region [5]

美股中概股盘前多数上涨，蔚来涨4%，理想汽车涨2%，百度涨1%，富途控股涨0.4%，阿里巴巴涨 0.3%，京东涨0.1%，拼多多跌0.5%，携程跌0.6%。 本文源自：金融界AI电报 ...

监管 01 央行：强化消费领域金融支持 2月4日，中国人民银行发布消息，2026年1月30日，中国人民银行召开2026年信贷市场工作会议。 03 上海华瑞银行董事长任职资格获核准 日前，上海华瑞银行公告称，该行近日收到批复，国家金融监督管理总局上海监管局吴克照该行董事长的任职资 格。 04 凉山农商银行被罚120万元 会议提到，进一步完善金融"五篇大文章"各项机制，落实好结构性货币政策工具增量政策，加强与财政政策协 同，大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融，强化消费领域金融支持。 02 银行不良资产转让出现新模式 日前，哈尔滨银行发布公告，对去年12月披露的一份债权转让协议进行说明。在这次债权转让过程中，部分约定 转让价款设置了收款条件，需依赖哈尔滨银行对标的债权的后续清收结果进行兑现。 业内人士认为，中小银行批量处置不良资产，或出于改善资产结构和提升资产质量的考虑。而附条件债权转让模 式，未来或许会被不良资产处置行业更多采用。（中国证券报） 据了解，付费通成立于2003年，并在2011年5月获得人民银行颁发的《支付业务许可证》，与支付宝、财付通都是 首批获得支付牌照的机构。 付费通主要股 ...

Key Points - SpaceX's application to launch 1 million satellites has been accepted by the FCC, aiming to create a data center network in orbit to support advanced AI models [4][5] - NIO has announced a profit forecast for Q4 2025, expecting an adjusted operating profit between RMB 700 million (approximately $100 million) and RMB 1.2 billion (approximately $172 million), marking its first quarterly profit [7][8] - The 2025 Hurun China 500 list shows TSMC retaining the top position with a value increase of RMB 3.5 trillion, while Xiaomi enters the top ten for the first time with a valuation of RMB 1 trillion [13][14] - Alibaba has unified its AI model branding under "Qwen" and launched a promotional campaign offering 3 billion RMB in discounts through its Qwen app [15][16] - Baidu plans to distribute dividends for the first time in 2026 and has authorized a share buyback program of up to $5 billion [16][17] - Li Auto is set to implement a "store partner" program to enhance operational efficiency and market responsiveness, giving store managers greater decision-making power [19] - Intel has appointed a new chief GPU architect, while Qualcomm has lost three key executives in a month [45][46] - Coupang has reported an expansion of a personal information leak affecting an additional 165,000 accounts, following a previous incident [53][54]